Swiss watchdog says opens precious metal manipulation probe

[ZURICH] The Swiss competition regulator said on Monday it had opened an investigation into possible manipulation of the precious metals market by several major banks.

Switzerland's WEKO watchdog said its investigation, the result of a preliminary probe, was looking at possible collusion of bid/ask spreads in the market by UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui.

A WEKO spokesman said the investigation would likely conclude in either 2016 or 2017.

REUTERS